The 2023 wildfire season in Canada was vast and voracious. The amount of forested acres that burned this year was by far the largest ever recorded at 45.7 million acres. That represents a total land mass that is bigger than the state of Missouri that went up in smoke this year alone.
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Frame of Reference for Revamped Lumber Futures
Futures markets involve speculation about the future, spot markets deal with the present. They often differ from each other, but when the future finally arrives and the contracts near expiration, futures must converge with spot to function as a practical hedging tool. The legacy contract has done that.
Wildfires Rage in Canada
Canada’s wildfire season roared through spring and has already burned the largest amount of land ever recorded in a year. By late-June—with several months of wildfire season left to go—the burned area exceeded the full-year record made in 1995, according to Canadian Interagency Forest Fire Centre Inc. (CIFFC) data. Canada’s typical wildfire season peaks in July and fizzles out by October.
Sawmill Profiles
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